Corient Private Wealth LP Takes $1.58 Million Position in Griffon Corporation $GFF

Corient Private Wealth LP bought a new stake in shares of Griffon Corporation (NYSE:GFF) in the 2nd quarter, Holdings Channel.com reports. The firm bought 16,165 shares of the conglomerate’s stock, valued at approximately $1,577,000.

Other hedge funds have also recently bought and sold shares of the company. Corient Private Wealth LLC raised its position in Griffon by 3.4% in the fourth quarter. Corient Private Wealth LLC now owns 3,546 shares of the conglomerate’s stock worth $261,000 after acquiring an additional 115 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Griffon by 1.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 10,299 shares of the conglomerate’s stock worth $759,000 after purchasing an additional 132 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Griffon by 1.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 8,929 shares of the conglomerate’s stock worth $658,000 after purchasing an additional 136 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Griffon by 30.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 585 shares of the conglomerate’s stock worth $43,000 after purchasing an additional 137 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Griffon by 33.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 572 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 142 shares in the last quarter. 73.22% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Griffon

In other news, COO Robert F. Mehmel sold 22,209 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $102.08, for a total value of $2,267,094.72. Following the completion of the sale, the chief operating officer owned 763,691 shares of the company’s stock, valued at $77,957,577.28. This trade represents a 2.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald J. Kramer sold 100,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $94.92, for a total value of $9,492,000.00. Following the completion of the sale, the chief executive officer directly owned 1,784,297 shares of the company’s stock, valued at approximately $169,365,471.24. This trade represents a 5.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 298,757 shares of company stock worth $29,818,460. Corporate insiders own 10.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Stephens upped their price target on Griffon from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Griffon in a research report on Friday, August 7th. Zacks Research upgraded Griffon from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 6th. Finally, Robert W. Baird set a $125.00 price objective on Griffon in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Griffon presently has an average rating of “Buy” and an average price target of $122.50.

Griffon Price Performance

GFF stock opened at $97.64 on Friday. The company has a current ratio of 2.41, a quick ratio of 1.79 and a debt-to-equity ratio of 9.75. Griffon Corporation has a one year low of $65.01 and a one year high of $108.57. The firm has a market capitalization of $4.42 billion, a PE ratio of 24.91 and a beta of 1.45. The firm has a 50-day moving average of $95.98 and a two-hundred day moving average of $88.00.

Griffon (NYSE:GFF) last released its earnings results on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.17. Griffon had a net margin of 8.08% and a return on equity of 249.31%. The business had revenue of $481.37 million for the quarter, compared to the consensus estimate of $457.70 million. During the same period last year, the firm posted $1.50 earnings per share. The firm’s quarterly revenue was down 21.5% compared to the same quarter last year. On average, analysts forecast that Griffon Corporation will post 5.41 earnings per share for the current year.

Griffon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Monday, August 31st will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.9%. The ex-dividend date is Monday, August 31st. Griffon’s payout ratio is presently 22.45%.

Griffon Company Profile

Griffon Corporation (NYSE:GFF) is a diversified management and holding company whose subsidiaries design, manufacture and market products for residential, commercial and defense applications. Operating through three primary platforms—Home & Building Products, Defense Electronics and Specialty Industrial—Griffon’s portfolio spans consumer and industrial brands with a focus on long-lived products and recurring aftermarket opportunities.

In the Home & Building Products segment, Griffon’s Clopay Building Products division is a leading North American manufacturer of residential and commercial garage doors, specializing in steel, fiberglass and composite designs as well as decorative carriage-house styles.